Dec 24, 2012 5:00pm PST
markets closed at 10:00 a.m. worries over the fiscal cliff pushed stocks lower. dow off 51 points. nasdaq lost 8. s&p down three. >>> what might happen next year if congress doesn't avoid the fiscal cliff. a person earning 50-$75,000 a year would see a hike of $2,400. >>> gas prices in the bay area and around california are still dropping. that is according to aaa. the trend will continue into the new year. the average price of a gallon is $3.60-in san francisco. san jose $3.49. oakland $3.48. california is reflecting a national trend as demand is low and supplies are high. >>> back to the developing news we showed you earlier. an apparent head on collision had forced police to shut down highway 84. that has now been reopened but as a result of that closure you can see the traffic backup. this is highway 84 in the livermore area. westbound lanes, severe back up. no word about the injuries, what the conditions are of the people involved in the accident but we are continuing to work the phones and get more details. you can see from our picture here, the incredible traffic back up. if you are planning to be around that area, you might try to take another route. >>>
Dec 28, 2012 5:00pm PST
up with a small, kick the can down the road bill that creates another fiscal cliff to deal with with fiscal cliff. >> reporter: lawmakers are talking about how to retroactively avoid going off the fiscal cliff on a new congress. >>> the fiscal cliff debate is impacting people here in the bay area who's lives could dramatically change as soon as tomorrow. tom vacar is live at a highway work site in oakland and has the story of one woman and her looming fear. tom-- >> reporter: the people who work here are well paid and they're onvacaon. but for other people, the fiscal cliff might as well be a financial guillotine. though ilea thomas searches, she's been out of work for two years picking up any odd jobs as much as she can. >> it's been discouraging. i come in here three times a week and maybe i'll go to a friend's house and use their internet to look for work. >> reporter: long term unemployment benefits have been a life send. >> i can breathe a little while i'm looking for work. even though it's not the same amount that i was getting when i was working. >> but thomas is one of 400, 400,000 californians who will not be able to get medicare payments tomorrow. >> not being able to buy groceries, not being able to put fo
Dec 26, 2012 5:00pm PST
year perhaps, so does the deadline for the so- called fiscal cliff and tonight a new development. house republicans tossed the fiscal cliff problem to the senate today. saying once the senate has a plan congress can go forward. john fowler investigated some of the latest moves and joins us live with what could happen a week from today. john? >> reporter: do mog, we get deep spending cuts and across- the-board tax hikes. con shull staffers told me -- congressional staffers told me today, expect a bumpy ride of the halls of power empty, although negotiateders and the president are back at work. >> at the very least let's agree right now on what we already agree on. >> reporter: an olive branch to the gop and carrot to corporate giants, including the bay area's google and apple. the administration now suggesting cutting corporate tax rates. the u.s. has among the world's highest. but closing loop holes that helped google, for instance, avoid $2 billion in taxes last year. >> corporations are concerned because they're not sure the extent to which exemptions would be eliminated. >> reporter: wells capital management senior economist gary slosberg is optimistic about a deal. >> i see it at least 50-50.
Jan 1, 2013 5:00pm EST
, technically the country has already gone over the fiscal cliff. the bush-era tax cuts have expired so everybody's tax rates have gone up but if a compromised bill is passed, retroactively they can pass it. >> this represents the least we could have done under these circumstances. >> it fails to address the mortal threat -- uncontrolled spending. >> reporter: there's one deadline they cannot ig know. >>> the new congress begins monday at 12 p.m. karen travers, abc news washington. >> we have more at abc2news.com. just head to our home page and look for the featured stories. >>> all right. a lack at maryland's most powerful radar. very little of that precipitation has made its way north. all of it well, well south. conditions are still dry. clouds are holding tough around the area. that storm is staying south and still pretty cloudy around here. again, we stayed nice and dry. upper 30s in reisterstown, hick core ri and man chester. 42 in pape pea. cloudy and dry, getting cold. colder still as we go into tomorrow and the middle part of the week. we've got those numbers straight ahead. >>
Dec 29, 2012 5:00pm PST
-approaching fiscal cliff is no laughing matter but sometime you have to have a sense of humor. some portland, oregon residents have taken their disappointment in congress to the street, or street sign. this road sign, now instead of road ininstructions it reads, fiscal cliff ahead. turn around, don't go over. captioned by closed captioning services inc. >>> this is "world news." tonight -- round two. the newest holiday storm to hit, stretching from missouri to maine. the accidents tonight. the snow falling where there was already a foot or more. tonight the latest trap, where it's heading. abc meteorologist ginger zee is standing by. >>> on the edge. washington taking america right up to the fiscal cliff. three days now until higher taxes for all. will there be a deal? as americans and their 401(k)s already taking a hit, paying a brice because of that standoff. >>> crash landing. the jet that skidded off the runway nearly smashing into a crowded highway. >>> and back in the game. the football coach whose battle off the field inspired a major turnaround on it. and tonight, he's about to return.
Dec 24, 2012 5:00pm PST
, they have taken off for the holiday. looks like we're headed over the fiscal cliff. the millions in cuts facing bay area cities. >>> plus, caught on camera. dramatic river rescue in l.a . a man clings to bushes for hours fighting that strong current. that is coming up at 6:00. >> one more week at the holiday week weather. >> reporter: it is amazing between this dance last december 20/09 comes -- this december and last december. five times as much snow this year compared to last year. early christmas present for the skiers. >> yeah. >> thanks for watching. >> glor: ton >> glor: tonight, firefighters ,mbushed. four volunteers targeted by a rs targe >> we're being shot at. multiple firemen down. >> glor: two are dead after responding to a house fire. fire.elrod has more. holiday storms potentially disrupting travel plans for l planss. snow moving from west to east, forecasters say tornados could out the south. down to the wire in the pivotal christmas shopping season. in john blacstone says many retailers will not be ohnebrating. celebratins to santa. >> "dear santa, are you getting re